The crypto market, led by Bitcoin (BTC), has started to regain strength amid the speculation of Russia is likely to evade sanctions using Bitcoin and other cryptocurrencies. Solana (SOL) is also replicating the positive trend to return above the $100 resistance level.
As soon as the news of the ongoing war between Russia and Ukraine spread across the world, Bitcoin (BTC), the largest cryptocurrency by market cap, and other top digital currencies, including Solana (SOL), started to tank massively.
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However, the trend began to turn positive after the West, led by the United States and the United Kingdom, imposed sanctions that are capable of crippling Russia’s economy. The news aided Bitcoin to return above $39,000 from around $35,000 in quick succession. The trend has been positive ever since.
Solana (SOL) Back Above $100
SOL, the native token of Solana, an open-source cryptographic project implementing a new and high-performance permissionless blockchain, has also joined the rest of other top cryptocurrencies to soar.
Solana has now surged above the $100 resistance level. At the time of filing this report, SOL is trading at $102.12, with a relatively 6% price upsurge in the last 24 hours, according to CoinMarketCap.
Due to this notable performance, Solana has surpassed another stern competitor in the smart contracts ecosystem, Cardano (ADA), in terms of market capitalization. However, how long the market will maintain the positive trend cannot be ascertained.
Read Also: Analyst Makes Bullish Solana (SOL) Predictions for Each Year until 2030: Details
Gemini Exchange Lists Solana (SOL)
On 28th February, Gemini, a US-based crypto exchange announced that Solana (SOL) is now available for trading on its platform.
In a blog post, it’s said that SOL is now supported for deposits and can be “custodied” in a Gemini exchange’s wallet.
Gemini tweeted, “Incoming: Solana SOL is now supported for deposits and can be custodied in a Gemini exchange wallet. Welcome SOL!
“Trading for SOL will follow, opening first on our API/FIX and ActiveTrader applications for USD trading pairs. It will then open on our Gemini Mobile App and website on a rolling, token-by-token basis for USD, GBP, EUR, CAD, AUD, HKD, and SGD pairs.”
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